First ore blasted at TMCR’s royalty asset opens the mine’s first ramp toward pellet production
LONDON, UK / ACCESS Newswire / July 13, 2026 / The Metals Royalty Company Inc. (“TMCR” or the “Company”) (NASDAQ:TMCR), a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization, today announced that its portfolio royalty asset, the Mesabi Metallics iron ore project in Nashwauk, Minnesota (the “Mesabi Project”), has successfully completed its first production blast, a defining milestone in Mesabi’s drive to become the first new iron ore mine and pellet plant built in Minnesota in fifty years.
Highlights:
- First production blast completed -On July 10, 2026, Mesabi Metallics fired its first production blast, using a 66-hole pattern to fracture approximately 211,000 tons of ore. The blast opened the first ramp into the bottom of the pit, clearing the way for 400-ton haul trucks to commence production.
- On schedule for first pellet production -The blast represents an on-schedule step toward first pellet production, with weekly blasting expected to continue as the mine advances toward full-scale production.
- Royalty-bearing ore now moving -Ore mined at the Mesabi Project is expected to be processed into DR-grade pellets subject to TMCR’s 1.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor (the “Mesabi Royalty”), positioning the Company to begin generating its first royalty revenue as production commences and ramps up, with anticipated annual royalty cash flow potential of approximately $11 million per annum at 7.28 Mtpa over 23 years with near-term pathway to 8.5 Mtpa and approximately $13 million per annum.
Management Commentary
“The first production blast marks the transition of our Mesabi investment from a construction story to a production story,” said Brian Paes-Braga, Executive Co-Chairman and CEO of TMCR. “Having walked the full Nashwauk site just weeks ago, I saw a team prepared for exactly this moment – and it is very satisfying to watch that readiness translate into ore on the ground, on schedule. More than 200,000 tons was fractured in this first shot alone, and it marks the beginning of the final approach to TMCR’s first royalty revenue.”
“Every ton of ore that comes out of this mine represents American jobs, American investment, and American capability being put back to work,” added Joe Broking, CEO of Mesabi Metallics. “We are committed to investing in the Iron Range to keep powering America’s steel, America’s shipyards, and America’s defense industrial base.”
About Mesabi Metallics
Mesabi Metallics Company LLC, an Essar Group company, is completing a state-of-the-art DR-grade iron ore mine and pellet plant in Nashwauk, Minnesota, representing approximately $2.5 billion in total investment. Upon commissioning, targeted for H2 2026, Mesabi will be one of the only significant domestic producers of merchant DR-grade iron ore pellets in North America, with a mine life of 23 years.
About The Metals Royalty Company Inc.
The Metals Royalty Company Inc. (NASDAQ:TMCR) is a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization. The Company acquires and manages metals and mineral royalties, streams, and similar structured interests across the full value chain – supporting American defense, AI infrastructure, energy systems, and industrial capacity. TMCR’s royalty-based business model is designed to enable participation in the long-term cash flows and commodity upside of strategically significant assets, with reduced exposure to the operational and development risks typically associated with resource production. For more information, please visit www.sec.gov and the Company’s website www.themetalsroyaltyco.com.
Technical Information
The operational data regarding the Mesabi Project contained in this press release, including blast and tonnage data, is based on information provided by Mesabi Metallics and has not been independently verified by the Company.. The Company’s expectations regarding commissioning timing, royalty cash flow potential, mine life, and production capacity are based on management’s internal models and information provided by Mesabi Metallics.
